Home Ethereum Assessing how and why CryptoPunks hasn’t exited the game yet

Assessing how and why CryptoPunks hasn’t exited the game yet

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Assessing how and why CryptoPunks hasn’t exited the game yet

The general market recovery has been a major talking point since the end of the first week of August. This theme is even more prevalent in the NFT market that has seen the “bluechip” collections reap the rewards. However, CryptoPunks stands out as the leading collection during the bear market.

The collection has consistently been at the top of the CryptoSlam sales volume chart for many days. In fact, CryptoPunks has also ramped up social engagement in recent days after a few updates.

A story about Tiffany

American luxury jeweler Tiffany announced some stunning news on August 1. He announced the launch of 250 NFTs exclusively for CryptoPunks holders. These so-called NFTiffs allow certain users to turn their NFTs into a “bespoke pendant handcrafted by the artisans of Tiffany & Co.”.

Interestingly, each NFT was set at a cost price of $50,000, which sold out within 20 minutes of launch.

In other news, KuCoin CEO Johnny Lyu announcement the release of “hiPUNKS” on the stock market. This new NFT ETF represents 1/1,000,000 CryptoPunks in an on-chain exchange powered by the Fraction protocol. The initial total supply is marked at 6,000,000 HIPUNKS.

What happens now?

These developments have heightened social activity for CryptoPunks during this week. According Lunar Crush, social engagements for the collection jumped 270% to 197.85 million. Social contributors also hit 142 after seeing a 97% rise over the past week.

These updates have invariably affected the floor price of the collection, which reached 74.5 ETH (+9.56%) at press time.

Source: Lunar Crush

In the past week alone, CryptoPunks saw sales volume reach $8.9 million with a 120% increase. The climax was reached on August 6 when the sales volume peaked at $2.5 million. In fact, according to CryptoSlam, CryptoPunks was only second to NFTiffs on the volume chart this week.

Source: CryptoSlam

Over the past week, there has also been a modest increase in CryptoPunks trading with a slight increase in buyers and sellers. Buyers rose to 42 (+2.44%), while sellers rose to 46 (+4.55%).

Source: NFTGO

Conclusion

The overall storyline surrounding CryptoPunks has been a delight for holders as the collection leads the charge in August. CryptoPunks continues to walk higher than other major collections such as BAYC and Moonbirds. With increasing innovation and scalability, CryptoPunks are increasingly hoping to maintain this position in the near future.

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